Waiver Continues for IARD System Fee for Investment Adviser Firms, IAR Fees Remain Unchanged; Modest Increases Set for Exam Enrollment Fees

WASHINGTON, D.C. (October 30, 2020) –The North American Securities Administrators Association (NASAA) today announced the continued waiver of Investment Adviser Registration Depository (IARD) system fees for state-registered investment adviser firms, the continuation of substantially reduced initial set-up and annual system fees paid by investment adviser representatives (IARs), and modest increases to the enrollment fees for the NASAA Series 63,65, and 66 exams.

Effective January 1, 2021, the enrollment fees for the NASAA Series 63, 65, and 66 examinations will increase by $12. Candidates enrolling for the exams on or after January 1, 2021 will be charged $147 for the Series 63 exam, $187 for the Series 65, and $177 for the Series 66 exam. The increase marks the first time in three years that the fees have been raised.

For 2021, initial IARD set-up and renewal system fees will continue to be $15 for investment adviser representatives. This fee was $45 when the IARD system first became operational in 2001. IARD system fees fund user and system support as well as system enhancements, including the ongoing redesign of the IARD system to improve its effectiveness and efficiency and to make it more user-friendly for applicants and registrants.

NASAA President and West Virginia Senior Deputy Securities Commissioner Lisa Hopkins said NASAA’s Board closely monitors operations in order to determine when any change of fees is warranted including fee adjustments that may be necessary to ensure the effective and efficient operation of the IARD system.

The IARD system is an Internet-based national database sponsored by NASAA and the SEC that provides investment advisers and their representatives a single source for filing state and federal registration and notice filings. This information is used by securities regulators and also to help the public research an investment adviser’s background through the Investment Adviser Public Disclosure (IAPD) database, which provides instant access to registration documents filed by SEC- or state-registered investment advisers. IARD system fees fund user and system support and system enhancements.